On-demand insurance economy

Insurance giants have long hoped to bring a lot of innovation into their business, however, strict rules and long-standing processes have hindered their progress. This trend has slowly begun to modify, as a lot of investments in technology still increase. In keeping with CB Insights, “more than $4.15B was deployed into insurance school startups globally” therewith variety continued to rise. 

On-demand insurance is the coverage you can turn on and off with the click of a button. With new technology, some insurers allow coverage to be “on-demand,” that is, it can be turned on and off at any time.

OpenGrowth suggests you refer these links on: on-demand economy:

Will on-demand insurance become mainstream: 

To know if on-demand will be adopted into being mainstream, Click here

The Future of Insurance is 'On-demand': 

Here are 7 On demand insurances startups influencing the market - Click here

Is 'on-demand' insurance right for you: 

To know if on demand insurance is the right fit for you, Click here

Must Read: 2000 years of world economies in one graph

On-demand insurance startups

On-demand insurance startups or  InsurTech startups use the information points to calculate monetary risk profiles for people who are marginalized or “credit invisible”. It shares the information with major credit bureaus, lenders and governments to facilitate a higher cognitive process with regard to credit scores, loan arrangements, and policy formulation.

Here are the InsurTech Companies who are pioneering the Global InsurTech revolution.

• Acko. 

• Artivatic. 

• Mantra Labs.

• Pentation Analytics. 

• PolicyBazaar. 

• Toffee Insurance.

Also Read: Don’t mess up your credit score

Final Thoughts: On-demand Insurance coverage

While these startups provide transparency, convenience, there's one further profit. Insurance merchandise doesn’t seem to be solely big-ticket and inflexible. On the other hand, you always have to handle some “agent” whose sole purpose in life is to jack you for as many greenbacks as humanly attainable whereas he tries to act like he’s serving you. 

However many insurance agents have their compensation tied to the commission that directly correlates to the cash you pay. These above-mentioned apps created by InsurTech startups stand to displace insurance agents which could also be just-in-time considering that insurance agents are apparently retiring left and right with no one replacing them. 

We, at OpenGrowth, are continually looking for trending startups in the ecosystem. This was a blog on job skills for freshers. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to the other blogs at OpenGrowth. If you have any suggestions, do let us know in the comment section below. 

About the Author: Sudeshna Dutta

Sudeshna is an engineer in making. She is a writer at OpenGrowth. Apart from dealing with circuits and chips, she is passionate about being a keyboardist and pianist and wants to attain professionalism in it with her talent coupled with hard work.